Marblehead Meadows – Marblehead, MA
This development consists of 20 (twenty) duplex condominiums. There will be 2 (two) units designated as affordable and sold to buyers whose incomes are at or below 80% of the area median income.
Marblehead Meadows is located on Green Street near the intersection of W. Shore Drive and Pitman Road in Marblehead. A coastal community of 19,808 residents located 18 miles north of Boston, Marblehead is famous for its unsurpassed contributions to the American Revolution and Civil War. Today, its quaint narrow streets and historic 17th and 18th century buildings mirror Marblehead as it has existed since its founding in 1629.
The affordable units in Marblehead Meadows Condominiums will be sold at the initial sales price of $316,900. When completed, these units will be designated as affordable and sold to first time homebuyers whose incomes are at or below 80% of the area median income.
The units will have 2 bedrooms and 2½ baths. The homes will have town water and sewer.
It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Hazard Insurance and HOA fee of $125 will be approximate $1,990. Your down payment can be 3% of which half 1.5% must be from the buyers own funds. You cannot rely on this estimated monthly cost amount, this is only an estimate. Your actual mortgage payment may be different based on the actual interest rate and other factors. You should verify your actual mortgage payment with your lender and/or accountant.
All affordable homes will have a “Deed Restriction” that will be recorded with the mortgage at the time of purchase. This deed restriction in part, limits the amount the home can be resold for or refinanced for and requires that it be resold to another affordable buyer.
Application Deadline | 10.26.2021
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